Crossley forced to sell £85m of stocks

Redemptions force manager to sell £85m of holdings against just £37m of purchases

Invesco English and International manager Andy Crossley had to sell £85m of holdings over the last year to fund redemptions and cut gearing, exceeding purchases of £37m. Chairman John Sands highlighted modest level of redemption requests in January and April however, suggesting remaining shareholders are in for the longer term. Over the year, Crossley said oil company holdings boosted returns while biotech stocks damaged performance. The trust produced portfolio performance of 18.6% against a benchmark drop of 20% over the year to end march. Sands said while the UK economy is slowin...